A blueprint for an emissions trading scheme that could drastically change the way households and industries manage climate change is about to be released.
In less than half an hour, Professor Ross Garnaut will present his draft report, detailing how the government can put a price on carbon emissions to reduce pollution.
Billions of dollars will be generated under the emissions trading scheme and leaked details of the report have highlighted the need for compensation.
Professor Garnaut will call for fifty per cent of revenue to go towards compensating families, but has suggested only thirty per cent go to industry to encourage green technology.
Food and petrol prices are expected to skyrocket, but Greenpeace CEO Steven Shallhorn says it's saving the environment that matters.
“The cost of not taking action on climate change is going to be far greater than taking action,” he said.